No matter the cryptocurrency you look at in the cryptocurrency industry today, you will witness its price getting chopped. The year 2022 hasn’t been proving to be very pitiful or lenient on the cryptocurrency sector and the month of May is no exception.
Ripple’s Alarming Situation
While the overall cryptocurrency industry is going through the destruction phase, Ripple is also not able to save itself from the situation. It is also experiencing a downtrend and compared to other cryptocurrencies, its situation is a bit more complex.
The complexity for Ripple comes from the lawsuit that it has been dealing with since late December of 2020. It seems that the US SEC has no intentions of letting Ripple win the case without causing it enough harm.
Therefore, the price of XRP continues to fall down and so far, it is proving to be a bloody month for the digital currency. With a closer look at the data surrounding XRP, we can see that the bulls are much weaker than the bears.
All it needs for a trend to be changed is the constant buying input of the investors. However, the buyers are not able to put up a strong fight against the bears. Therefore, their attempt to boost the price of XRP went in vain and it has continued dipping. Any attempt that the buyers have made to push XRP’s price higher has been met with high selling sentiments of bears.
Current Situation of XRP
Even at the moment, XRP’s price is below $0.47, which is the horizontal resistance level. This shows that the selling strength of the bears is much stronger than the bulls.
The data shows that the movement of XRP in the lower direction is persistent. It is expected that the price of XRP may continue moving with negative momentum.
It is now clear that XRP may continue moving in the lower direction and its price may get retested at the lower range of $0.30 to $0.33. XRP may continue moving to this particular line until the bulls start fighting back with stronger force.
This way, the bulls may attempt to move XRP to a higher trading range that would be from $0.47 to $0.56.
At the time of writing, XRP is worth $0.3885 and the bears are trying to pull it down even further. If XRP gets close to $0.30, it would be a strong support mark for the cryptocurrency. Any pressure applied on the cryptocurrency by the bears would bring it down to $0.2.
The data shows that if the bulls are not able to give a tough challenge to the bears, then its price may dip to $0.17.
